According to the research of Christopher Nobes, the most relevant factor in determining the purpose of financial reporting is:

Question

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Christopher Nobes found that the financing system of the country is the most relevant factor in determining the purpose of financial reporting. This refers to the way in which companies in the country are financed, which can affect the information needs of stakeholders and the type of financial reporting required. Religious differences, population, and the strength of the accounting profession were not found to be as significant.

According to the Research of Christopher Nobes, the Most Relevant